Extension on Unfinished Ritz Carlton
Homeowners living by the unfinished Ritz Carlton in Rancho Mirage say they'd like to see the project completed already. Video by kmir6.comvideo
RANCHO MIRAGE-- Homeowners living by the unfinished Ritz Carlton in Rancho Mirage say they'd like to see the project completed already. If the developer proves they've found a partner or buyer for the project by June 25th, the city mayor says construction will start by January 6, and the hotel will open by October 1, 2013.
"It's been frustrating for everyone in the city- council included. This is a sizeable amount of revenue that comes into the city every year, and we've waited and waited and waited," says Rancho Mirage Mayor Scott Hines.
The Rancho Mirage City Council gave the developer, Rancho California Investments, an extension on the $20 million loan for the development. The loan was supposed to expire June 1, but will now extend to June 25.
When this extension runs out, the developer must provide documentation to the city council, on whether they plan to sell the property, or bring in an equity partner who will help them finance the project, and move forward with construction. But if this doesn't happen, Mayor Hines says the operating covenant will expire, and the city council will be back to the drawing board